Should you file bankruptcy before the new year?
There are some clear advantages to filing before the end of the year. When you file personal bankruptcy the trustee will prepare and file your income tax return and keep the refund for the year of bankruptcy and any prior taxation year that you had not yet filed and received the refund for. What this means is…
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Having A Financial Plan Is Important…For Everyone
Having a financial plan is important for everyone regardless of their financial situation, but it is even more critical for individuals who are trying to rebuild after making a consumer proposal or filing personal bankruptcy. Dedicating time to financial planning can also help you protect the assets you have now and increase your wealth in…
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Questions For A Trustee
Many people are slightly embarrassed or anxious when they first meet a trustee, and it’s easy to forget what questions you want to ask. Before you meet with a trustee it’s important to make a list of questions that you would like answered in your free initial consultation. That way you can be sure that…
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Bankruptcy And My Spouse
A common question I receive from many people I see is “how will bankruptcy affect my spouse?” Many have the mistaken impression that because they are married, their spouse is automatically responsible for their debts. This is not the case. The good news is, in Canada, marriage alone does not make you responsible for your…
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What are my options?
Whether you are barely holding on or the debt collectors have already come knocking, the best strategy is to take stock of the situation and come up with a plan as soon as possible. Everyone has the same basic options when it comes to dealing with your debt. 1. Deal with creditors directly Check your…
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It May Surprise You To Know Who Files Bankruptcy In Ontario
Filing for personal bankruptcy still carries a powerful stigma in Ontario. When people hear the word “bankruptcy” images of irresponsible, lazy consumers are usually conjured up. The truth is that there are plenty of people who find themselves in desperate financial situations despite having initially had every intention of paying their creditors. Marital breakdown, reduced…
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RRSPs And Creditors
With the February 29th RRSP deadline looming, people who are struggling with debt may be curious about how their RRSP contributions may be affected if they were to file bankruptcy. Certain RRSP and RRIF holdings are protected from creditors under a provision of the Bankruptcy and Insolvency Act. RRSP and registered retirement income fund (RRIF) proceeds held under any…
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RRSP Contributions And Filing Your Income Tax
You can make RRSP contributions during the first sixty days of 2016 and claim these contributions on your 2015 income tax return. Most years the RRSP contribution deadline is March 1, however because 2016 is a leap year the RRSP contribution deadline is February 29, 2016. The main benefits of contributing to RRSPs are; you can build an asset for retirement…
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Will I lose my house if I go bankrupt?
People have many concerns when they come into my office, but a few concerns seem to come up more often than not. One concern that is in the forefront of many minds is the fear of losing their home. The answer depends on whether or not there is any net equity available if your property…
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In debt? Feeling helpless? We are here to help!
Being in debt can cause people to feel helpless and ashamed, and those feeling are visible on the faces of many of the clients that walk into our office for the first time. In our initial meetings with clients, our goal is to eliminate the feeling of helplessness and replace it with relief. In that…
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